Power insulator market to hit $1.2bn by 2022

15 May 2018, Sweetcrude, Houston, Texas — The global power insulator market was valued at $995.8m in 2017 and is expected to reach $1.2bn in 2022, according to GlobalData, a leading data, and analytics company.

The company’s report: ‘Insulators for Power Transmission, Update 2018’ states that the Asia-Pacific region was the largest market in 2017, holding 53.5% share in terms of market value. EMEA (Europe, Middle East, and Africa) was the second-largest market, representing 26.7%, followed by the Americas with 19.8%.

Subha Krishnan, Power Analyst at GlobalData, comments: “The global power insulators market is highly fragmented with global and local players competing for market positions. Various competitive factors determine the ability to sustain in the market amid growing competition. Prior expertise and timely delivery are considered by utilities as key factors for awarding the contracts.

“Larger scale of production is a key advantage, where a manufacturer can stockpile raw materials, allowing large-scale production at the time of demand and delivering them in much shorter lead times. The global market for insulators and their manufacturing base is mostly concentrated in regions such as the US, Western Europe, China, India, and some Southeast Asian countries.”

GlobalData identified China as the top country for insulators in terms of market volume with the installation of approximately 1.8 million units in 2017, followed by India and the US. China is expected to install over 2.1 million units by 2022. India installed approximately 900,000 units in 2017, contributing over 14% to the global market, and it is forecast to install over a million units in 2022.

Krishnan adds: “China and India are the fastest-growing economies, consuming more than a quarter of global power. Both these countries are undertaking extensive capacity addition in the power generation and transmission sector.

“China and India are the world leaders in ultra-high voltage transmission owing to their large investments in transmission systems of voltage level 765 kilovolts and above.”